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Bombay High Court Dismisses Section 9 Arbitration Petition and Winding Up Petition Against Corporate Debtor — No Prima Facie Case for Interim Relief or Insolvency as CDR Scheme Was Under Consideration and Debt Was Not Clearly Due.

The petitioner, Tata Capital Financial Services Ltd., a non-banking financial company, granted a term loan of Rs. 50 crores to the first respondent, U...

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Bombay High Court Dismisses Bank and Sugar Factory's Petitions Challenging Auction of Cooperative Sugar Factory Assets. Held that the Bank as a secured creditor has a paramount charge over the property and the auction sale cannot be set aside after confirmation and payment.

The case involves a dispute over the auction sale of assets of Doulat Shetkari Sahakari Sakhar Karkhana Ltd., a cooperative sugar factory, by the Kolh...

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Bombay High Court Dismisses Petitions Challenging Reclassification of Mill Land as Non-NAINA Area Under DCPR 2034. Court upholds Monitoring Committee's decision that land not required for textile industry reverts to municipal reservation for public housing and amenity purposes.

The judgment concerns two writ petitions filed by Glider Buildcon Realtors Pvt Ltd and Mafatlal Industries Ltd challenging the decision of the Monitor...

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Bombay High Court Quashes Reassessment Proceedings Against Company Resolved Under IBC — Clean Slate Principle Applies to Past Tax Claims. Section 31 of IBC binds tax authorities, and no reassessment can be initiated for pre-resolution period.

The petitioners, Uttam Galva Metallics Ltd. (the corporate debtor) and its director, challenged reassessment proceedings initiated by the Income Tax D...

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Bombay High Court Dismisses Society's Section 9 Petition for Possession and Injunction Against Developer in Redevelopment Dispute. Court Holds That Disputed Questions of Title and Possession Cannot Be Decided in Summary Proceedings Under Section 9 of the Arbitration and Conciliation Act, 1996.

The judgment concerns two competing petitions under Section 9 of the Arbitration and Conciliation Act, 1996, filed by Rajawadi Arunodaya Co-operative ...